Resources for First-Time Homebuyers

October 27, 2015

After years of living in apartments, townhouses, or even your childhood home, have you decided to become a homeowner?  Congratulations!  Freedom First has a great Mortgage team ready to help you!

Before you begin looking for houses, it is important to know your current financial situation and how the new home will affect you:

∙ What price range can you afford?

∙ Have you recently checked your credit report and credit score? (Use to retrieve one free copy of your credit report per year from each credit bureau)

∙ Do you have enough saved for a down payment?

∙ Where do you want to live?

∙ What features should the home include?

∙ Are you prepared to pay for water, gas, electricity, taxes, maintenance, insurance, or homeowners association dues?   


If you are unsure of the answers to any of these questions, here are resources to help you understand the buying process:

Virginia Housing Development Authority (VHDA) Steps for Homeownership

VHDA provides worksheets, spending plans, agent searches, and FAQs.  Need more guidance?  Take the free online Homebuyer Class! 


U.S. Department of Housing and Urban Development

HUD has a full guide to buying a home, including checklists, brochures, and tutorials.

“What you can afford depends on your income, credit rating, current monthly expenses, down payment, and the interest rate.”


Money Under 30

Money Under 30 will help you answer most questions you may have about the buying process, especially when it comes to terminology.  The site has preparation tips, checklists, calculators, and plenty of other resources to help you make your decision.

“Buy a home because you want to be a homeowner.  Buy a home because you’re settling down.  And only buy a home if you’re financially ready.”



HGTV has multiple lessons available, including stories from other first-time homeowners. 

Lesson #15: Don’t spend every dollar you qualify for. 
Clarence and Angie were willing to come down in their price range, and as a result were able to open up their options to a larger chunk of the market. With financing already secured, they found another great house with ease and were able to spend more on decorating and upgrades. Coming down in price also allowed Clarence and Angie to save more each month and lock in a better interest rate. By not spending every bit you qualify for, you can open yourself up to more options and better possibilities.”


Preparing yourself is the first step to owning a home.  Are you ready to begin?

Freedom First is here to help you with each step of the buying process.  We have a wealth of resources available, including partnerships that may allow us to help you with down payments or closing costs.  Contact Freedom First Mortgage to speak to a team member today!